Square jumps into testing digital currency, Bitcoin jumps 9%
Bitcoin(BTC) cryptocurrency jumped more than 9 percent on Wed reaching a high of $7,251.81, after falling 30 percent over the weekend due to the failed Segwit2x fork.
Wednesday’s gain in Bitcoin came after new that Jack Dorsey’s company Square is currently in a testing phase for Bitcoin through it payment app Cash. Square shares climbed more than 5 perfect in the open before trading at about 2 percent higher. The company’s testing of Bitcoin is focused on the small demographic of Bitcoin users by letting them buy and sell the digital currency within the app. The test, however, does not let users or businesses sendor accept bitcoin, Square said.
Bitcoin performance over the last six months
Cryptocurrency trading analysts found that Bitcoin tends to recover dramatically from big declines. The last four times Bitcoin has dropped more than 20 percent this year, it has spike on an average of 28 percent.
Another cryptocurrency, Ethereum, was trading at about 1.5 percent lower near $332.
However, the controversy amongst miners to improve Bitcoin’s transaction speed remains a constant focal point. One solution, called SegWit2x was
called off last Wednesday , causing Bitcoin to surge at an all time high before crashing.
One solution took effect in August which forked Bitcoin into Bitcoin and Bitcoin Cash, which traded just a tad lower on Wednesday at $1,243, about 50 percent blow it’s all time high of $2,477.65 on the Sunday prior.
The 2nd fork to successfully and recently launch was Bitcoin Gold. Its fell more than 20 percent in the last 24 hours to $161, according to CoinMarketCap. Bitcoin Gold is an attempt to make “mining,” or creating, the digital currency less dependent on specialized hardware.